According to BoA, S&P500 could see 12% drop to 5000 in a downturn with increased unemployment, then increase to 5500 to end 2025. At the time of publication (EOD 27/3/25), S&P500 closed at 5712 and tumbled to 5074 at EOD 4/4/25 in response to Trumps’ Liberation Day tariff announcement on 2/4/25.
Source: Business Insider